Macros funds increased their long exposure to the S&P 500 and the NASDAQ and to the U.S. dollar while reducing their short 10-year Treasury exposure and slightly increasing their long exposure to commodities. Macros also increased their small cap tilt and, overseas, reduced their long exposure to EM.

Agriculture specs increased their long soybean positions and their wheat shorts but reduced their corn shorts. Metals specs increased their gold and silver longs, reduced their copper shorts and maintained their palladium and platinum longs.